California Preforeclosures
I reside in Southern California and am putting together a plan to begin investing in preforeclosure properties.
I am told by several financial contacts that for some reason the rules for purchasing preforclosures in California are different than most other states. However, no one can seem to explain why the rules different.
Also, there seems to be the issue of the "due-on-sale" clause.
Imput is appreciated. 
Every state is different in their laws and that includes preforeclosures. Instead of finding out WHY the rules are different, you need to find out WHAT the rules are, if you are interested in dealing with preforeclosures.
if you would visit ****Must participate a while before posting URL's*** and click on the state that you are interest in, it would list the policy
Quote:
On 2005-04-15 13:29, lkn4re wrote:
I reside in Southern California and am putting together a plan to begin investing in preforeclosure properties.
I am told by several financial contacts that for some reason the rules for purchasing preforclosures in California are different than most other states. However, no one can seem to explain why the rules different.
Also, there seems to be the issue of the "due-on-sale" clause.
Imput is appreciated.
I earn 80% or more of my income investing in pre-foreclosures in and around the Long Beach CA. area and am very familiar with the process, rules and laws. They are located in the California Civil Codes sections 1695, 2920 and 2945. As for the "due-on-sale" clause, the rules are located in the Garn-St Germain Depository Institutions Act of 1982.
I hope this helps.